“(B) EXCEPTION FOR EDUCATION INVOLVING SPORTS, ETC.—Such term does not include expenses with respect to any course or other education involving sports, games, or hobbies, unless such course or other education is part of the individual’s degree program. (e) Conforming amendments relating to section 117(d).—, (A) by striking “subsections (a) and (d)” and inserting “subsection (a)”, and. “(C) there is no loan outstanding from the business enterprise to a substantial contributor (as so defined) to the private foundation or a family member of such contributor (as so determined). “(3) TREATMENT OF EXPENSES PAID BY DEPENDENT.—If an individual is a dependent of another taxpayer for a taxable year beginning in the calendar year in which such individuals taxable year begins—, “(A) no credit shall be allowed under subsection (a) to such individual for such individual’s taxable year, and. (1) IN GENERAL.—Part III of subchapter B of chapter 1 is amended by inserting before section 140 the following new section: “SEC. 4960. “(C) LIABILITY FOR TAX.—In any case in which remuneration from more than one employer is taken into account under this paragraph in determining the tax imposed by subsection (a), each such employer shall be liable for such tax in an amount which bears the same ratio to the total tax determined under subsection (a) with respect to such remuneration as—, “(i) the amount of remuneration paid by such employer with respect to such employee, bears to. Modification of nondiscrimination rules to protect older, longer service participants. “(d) Definitions.—For purposes of this section, the terms ‘Native Corporation’ and ‘Settlement Trust’ have the same meaning given such terms under section 646(h). Contributions to capital.”. SEC. “(ii) 92.81 percent of the excess (if any) of the reserve determined under paragraph (2) over the amount in clause (i). which a written binding contract is entered into for such acquisition. Section 105(f)(1) of the Gulf of Mexico Energy Security Act of 2006 (43 U.S.C. “(2) in an amount equal to the amount included in income under section 83 for the taxable year which includes such date.”. “(1) IN GENERAL.—Except as provided in this paragraph or paragraph (4), the term ‘applicable partnership interest’ means any interest in a partnership which, directly or indirectly, is transferred to (or is held by) the taxpayer in connection with the performance of substantial services by the taxpayer, or any other related person, in any applicable trade or business. SEC. (h) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017. “(3) QUALIFIED EMPLOYEE; EXCLUDED EMPLOYEE.—For purposes of this subsection—, “(A) IN GENERAL.—The term ‘qualified employee’ means any individual who—. (2) CONFORMING AMENDMENT.—The amendment made by subsection (c) shall apply to taxable years beginning after December 31, 2021. (3) DEDUCTION ALLOWED TO ITEMIZERS WITHOUT LIMITS ON ITEMIZED DEDUCTIONS.—Section 63(d) is amended by striking “and” at the end of paragraph (1), by striking the period at the end of paragraph (2) and inserting “, and”, and by adding at the end the following new paragraph: (4) CONFORMING AMENDMENT.—Section 3402(m)(1) is amended by inserting “and the estimated deduction allowed under section 199A” after “chapter 1”. SEC. (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to amounts paid or incurred after December 31, 2017. “(II) Commercial paper, certificates of deposit, the securities of the Federal government and of any State or foreign government. SEC. “(3) REASONABLE CAUSE EXCEPTION.—No penalty shall be imposed under this subsection with respect to any failure if it is shown that such failure is due to reasonable cause.”. Sec. “(ii) 28 percent of so much of the taxable excess as exceeds $175,000. (2) COORDINATION OF LIMITATION WITH CARRYBACKS AND CARRYOVERS.—Section 172(b)(2) is amended by striking “shall be computed—” and all that follows and inserting “shall—. (3) Section 172(d) is amended by striking paragraph (7). 13221. Deduction for foreign-derived intangible income and global intangible low-taxed income. “(A) APPLICATION TO PARTNERSHIPS.—In the case of a credit under subsection (a) which is determined at the partnership level—, “(i) for purposes of paragraph (1)(A), a qualified public entity shall be treated as the taxpayer with respect to such entity’s distributive share of such credit; and. “(A) is exempt from taxation under section 501(a). (C) Section 952(c)(1)(B)(i) is amended by striking “section 951(a)(1)(A)(i)” and inserting “section 951(a)(1)(A)”. “(b) Reduction in amounts included in gross income of United States shareholders of specified foreign corporations with deficits in earnings and profits.—. (7) Section 3401(a)(19) is amended by striking “74(c),”. Limitations on income shifting through intangible property transfers. “(2) were not received by such Native Corporation prior to the assignment described in paragraph (1). “(e) Prohibition on deduction.—Notwithstanding section 247, no deduction shall be allowed to a Native Corporation for purposes of any amounts described in subsection (a). “(h) Election to pay liability in installments.—. “(B) the total value of all classes of stock of such corporation. (2) by striking “which is not a qualified bond” in the heading thereof. (b) Clerical amendment.—The table of sections for subpart B of part III of subchapter A of chapter 61, as amended by section 13306, is amended by inserting after the item relating to section 6050X the following new item: (1) Subsection (d) of section 6724 is amended—. (3) MANAGEMENT.—Except as otherwise provided in this section, the Secretary shall manage the oil and gas program on the Coastal Plain in a manner similar to the administration of lease sales under the Naval Petroleum Reserves Production Act of 1976 (42 U.S.C. (2) reportable death benefits (as defined in section 6050Y(d)(4) of such Code (as added by subsection (a)) paid after December 31, 2017. “(ii) CHILD IN UTERO.—The term ‘child in utero’ means a member of the species homo sapiens, at any stage of development, who is carried in the womb.”. “(ii) the term ‘eligible project partner’ shall include any partner of the partnership. ). 6038E. Repeal of credit for producing oil and gas from marginal wells. (a) In general.—Paragraph (3) of section 402(c) is amended by adding at the end the following new subparagraph: “(C) ROLLOVER OF CERTAIN PLAN LOAN OFFSET AMOUNTS.—. ( “(d) Qualified business asset investment.—For purposes of this section—, “(1) IN GENERAL.—The term ‘qualified business asset investment’ means, with respect to any controlled foreign corporation for any taxable year, the average of such corporation’s aggregate adjusted bases as of the close of each quarter of such taxable year in specified tangible property—, “(A) used in a trade or business of the corporation, and. “(f) Regulations.—The Secretary shall issue such regulations or other guidance as is necessary or appropriate to carry out the purposes of this section”. (ii) TREATMENT OF PLAN DISTRIBUTIONS.—If a distribution to an individual would (without regard to clause (i)) be a qualified 2016 disaster distribution, a plan shall not be treated as violating any requirement of this title merely because the plan treats such distribution as a qualified 2016 disaster distribution, unless the aggregate amount of such distributions from all plans maintained by the employer (and any member of any controlled group which includes the employer) to such individual exceeds $100,000. (B) The table of sections for part II of subchapter B of chapter 5 is amended by striking the item relating to section 1561 and inserting the following new item: (A) by striking “With respect to the portion” and inserting “In the case of a taxpayer other than a corporation, with respect to the portion”, and. SEC. Sec. (b) Only 50 percent of expenses for meals provided on or near business premises allowed as deduction.—Paragraph (2) of section 274(n), as amended by subsection (a), is amended—. purposes of determining loss.—If a domestic corporation received a dividend from a specified 10-percent owned foreign corporation (as defined in section 245A) in any taxable year, solely for purposes of determining loss on any disposition of stock of such foreign corporation in such taxable year or any subsequent taxable year, the basis of such domestic corporation in such stock shall be reduced (but not below zero) by the amount of any deduction allowable to such domestic corporation under section 245A with respect to such stock except to the extent such basis was reduced under section 1059 by reason of a dividend for which such a deduction was allowable.”. Unrelated business taxable income increased by amount of certain fringe benefit expenses for which deduction is disallowed. “(C) any trust described in section 4947(a)(2) (relating to split-interest trusts).”. (b) Termination of exclusion for employer-Provided contributions.—Section 106 is amended by striking subsection (b). “(B) CERTAIN ACTIVITIES TREATED AS INSURANCE BUSINESSES.—For purposes of subparagraph (A), any activity which is not an insurance business shall be treated as an insurance business if—, “(i) it is of a type traditionally carried on by life insurance companies for investment purposes, but only if the carrying on of such activity (other than in the case of real estate) does not constitute the active conduct of a trade or business, or. For purposes of the preceding sentence, the amount of business profits attributable to a qualified business unit shall be determined under rules established by the Secretary. (6) Section 805(b)(2)(A) is amended by striking clause (iii) and by redesignating clauses (iv) and (v) as clauses (iii) and (iv), respectively. “(3) MAXIMUM AMOUNT OF LEAVE SUBJECT TO CREDIT.—The amount of family and medical leave that may be taken into account with respect to any employee under subsection (a) for any taxable year shall not exceed 12 weeks. Repeal of special rule for sale or exchange of patents. “(II) from grape juice concentrate and water, “(iii) which contains no fruit product or fruit flavoring other than grape, and. “(2) EXCLUSION.—If an employer provides paid leave as vacation leave, personal leave, or medical or sick leave (other than leave specifically for 1 or more of the purposes referred to in paragraph (1)), that paid leave shall not be considered to be family and medical leave under paragraph (1).

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